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Tag: iiDENTIFii

  • iiDENTIFii Raises $15 Million in Series A Funding

    iiDENTIFii Raises $15 Million in Series A Funding

    iiDENTIFii, a biometrics technology company, has secured $15 million in growth capital. The financing was headed by Arise, an African investment group, whose cornerstone investors include Rabobank Partnerships, Norfund, NorFinance and FMO. This is, to date, the largest African Series A in the identity verification space.

    iiDENTIFii is a world leader in biometric authentication. Its advanced face authentication technology verifies users in a safe way in seconds, whether they are using their phones or computers. iiDENTIFii operates across several industry verticals and is used by the largest pan-African banks, insurers, and mining houses for customer and employee authentication. Standard Bank, ABSA Bank, and Investec Bank are a few of its clients. Along with Arise, investors in this round include growth-stage private equity firm Sanari Capital and US tech entrepreneur Bill Spruill, who has been in business for a long time.

    iiDENTIFii continues to evolve around Africa, curbing cybercrime

    The company will utilize this financing to fuel its growth throughout Africa. Cybercrime in the financial sector is posing an increasing threat to the continent. Attackers exploiting security flaws have particularly serious consequences for financial services and banking applications that handle sensitive financial information. iiDENTIFii’s solution is an important part of the continent’s financial, digital, and identity inclusion because it uses biometric authentication to protect access to this sensitive financial information.

    Read also: Major Telcos Join Huawei to Release IntelligentRAN

    “I’m incredibly proud of our engineering team and our growth as a company over the past three years,” says iiDENTIFii Founder and CEO Gur Geva. “This investment backs up our core business thesis of being Africa’s go-to identity provider for enterprises.” We’re excited to put the investment to work as we close in on our goal of authenticating every face in Africa. With this new funding and the networks of Arise, Sanari, and Bill, we are confident in continuing our mission of preventing identity theft in Africa.”

    Partners applaud iiDENTIFii for its investment, development of adventure

    According to Arise CEO Gavin Tipper, this investment marks Arise’s entrance into the African fintech market and is a natural extension of the company’s existing portfolio of bank investments across Sub-Saharan Africa. With our new partnership with iiDENTIFii, we will be able to provide innovative technology to financial institutions in Sub-Saharan, thereby bolstering digital anti-money laundering practices and promoting financial inclusion.

    “At Sanari, we place a significant focus on technology and human enablement to unleash corporate potential,” says Sihle Gumede of Sanari Capital. “iiDENTIFii is, therefore, a terrific addition to our investment portfolio, and we look forward to being part of its continued development adventure.” We are excited about co-creating a scalable and sustainable pan-African biometrics business. “

    “The work being done by iiDENTIFii is especially interesting, and I am interested in watching the effect it has on the African continent,” says Bill Spruill. “As an entrepreneur and investor, I’ve had a fair amount of experience with revolutionary technologies.”

    iiDENTIFii just won KPMG’s Tech Innovator in Africa award, and in November 2022, they will go to Lisbon, Portugal, to compete for the global title. It has previously received honours, such as Microsoft Independent Software Vendor (ISV) Partner of the Year and MTN App of the Year, among others.

    About iiDENTIFii 

    iiDENTIFii is a world-leading remote biometric digital authentication and automated onboarding technology platform. It satisfies the needs of customer-focused organizations that are required to authenticate and onboard customers. It uses a tried-and-true automated method that is seamless and doesn’t get in the way. It meets customer intelligence, risk, and compliance goals, and all the governance and legal boxes are checked.

    The company’s technology has been tested on a large scale and meets the requirements of the highest-ranked auditing firm in the world as well as legal requirements. The remote digital biometric identity authentication process is user-friendly and frictionless on any device.

  • iiDENTIFii, is the winner of KPMG’s Private Enterprise Tech Innovator in Africa

    iiDENTIFii, is the winner of KPMG’s Private Enterprise Tech Innovator in Africa

    The winner of the 4-month-long KPMG Private Enterprise Tech Innovator in Africa Awards was iiDENTIFii. Chekkit Technologies Inc., which came in second, and Troygold, which came in third, were right behind iiDENTIFii.

    After the first big competition went so well last year, KPMG sent out a second call to tech innovators all over the continent, asking them to show off their newest ideas. The firm’s objective was to highlight new technological advancements that transform and revolutionize businesses in various industries and to recognize those businesses that are truly setting the pace.

    The “four-month-long” KPMG Private Enterprise Tech Innovator Africa Awards went to iiDENTIFii, a world leader in digital biometric identity verification. These awards were presented at a ceremony that took place in Africa. The company stated in a news release, “Our team has worked hard to make innovation a consistent thread throughout the business, and we are grateful for KPMG’s commitment to tech trailblazers.”

    KPMG said in a press release that their Tech Innovator in Africa Awards winner, iiDENTIFii, was followed by Chekkit Technologies Inc. in second place and Troygoldin in third place. The competition lasted four months.

    The reputable competition shows off Africa’s best technological inventors and is seen by many as an important step to becoming well-known worldwide. The winner will be put forward right away as the international nominee for the Global Tech Innovator Award, which will be given out in November 2022 at the Web Summit in Lisbon, Portugal.

    Ecobank sets $50,000 Prize for African Fintech Challenge 2022

    While every region runs its own competition, the global platform enables players from around the world to present their business products and solutions and be acknowledged for pioneering tech development and business model success. The competition is evaluated by a committee of local and international industry professionals. The international competition is comprised of 20 countries across major economies globally.

    iiDENTIFii, the finalist from the African continent, will compete against several other nations from around the world for the top position. According to the company, “as Africa’s representative for the global finals, we’re motivated to make our continent proud when we compete on the global stage,” which will take place in the month of November at the Web Summit 2022 in Lisbon.

    iiDENTIFii was chosen due to its groundbreaking and ingenious facial biometric authentication solution. Businesses in many fields, like banking, online retail, education, and medical services, can use this solution. iiDENTIFii was selected as a result of these qualities. To this day, iiDENTIFii has been chosen as the technology partner for this market by three of the top banking companies in South Africa and all of Africa at large.

    The South African company’s solution doesn’t require much more than taking a selfie and attaching it to your profile, your ID number, and a picture of your ID card. After that, these are checked against the individual’s physical identification documents held by the Department of Home Affairs. With this type of biometric identification, companies can quickly find out who they are talking to, and people can control their accounts without putting their identities at risk.

    “We are honored to be chosen as a top 10 finalist on the African continent in the KPMG Private “iiDENTIFii co-founder, and CEO Gur Geva stated. We feel that our customers can deliver a safe and protected service to their existing and new customer base as a result of our ability to provide an identity protection solution that is adaptable, inexpensive, and future-proof.

    Other Partnerships of iiDENTIFii

    Microsoft has only selected and accepted iiDENTIFii as a ‘co-sell’ partner in their ecosystem.

    The Digital Verification and Onboarding Solution have recently been placed on Microsoft’s Commercial Global market, and they have since been provided to customers worldwide that use Microsoft products.

    Some companies are already clients of iiDENTFii include Stanbic Angola, Investec Bank, Absa Bank, Stanbic Kenya, Shyft, and Snapscan.

    Read also: MTN Nigeria Witnesses 7.6% Mobile Subscribers Increase in 2022

    Ensuring people’s identities with iiDENTIFii

    Throughout history, stealing someone else’s identity has been pretty easy and simple, especially in larger criminal groups. Every year, identity theft results in huge losses totalling trillions of dollars. The implications for the lives of those whose personal information has been taken can be devastating and range from being a minor annoyance to being a major source of stress on all fronts: professionally, financially, and emotionally.

    As organizations in South Africa step up their digital transformation efforts, cyber security and reducing fraud are becoming increasingly important. By implementing high-quality biometric facial verification, Geva strongly recommends that businesses continuously improve their service offerings to individual and corporate customers.

    iiDENTIFii has contributed tremendously to protecting people’s identities in online spaces. The KPMG Private Enterprise Tech Innovator in Africa Awards did the right thing by giving iiDENTIFii the top spot.